Short-term whale accumulation offsets some of the market's selling pressure Accumulation trend score reflects the relative scale of entities accumulating BTC on-chain over the past 7 days. The scoring criteria consider two factors: 1. The entity's balance 2. The amount of BTC added/reduced The closer the accumulation trend score is to 1 (blue), the more large-scale entities are collectively accumulating BTC. The closer the score is to 0 (red), it indicates they are distributing or not accumulating. The black line represents the BTC price. Our focus is on the 100-1K and 10-100 groups because entities of this size are typically genuine buyers, whereas larger-scale entities are likely exchanges or third-party custodians. These two groups showed sudden and active accumulation after BTC experienced sharp declines twice—once in November last year and again in February this year (highlighted with dashed circles in the chart). This offset some of the selling pressure in the market at the time and helped ease the situation. Interestingly, the 1-10 and <1 retail investor groups are behaving differently. While the 10-100 group of larger holders appears relatively cautious, retail investors are acting more aggressively. Wallets of this size are mostly traces left by regular investors who withdraw BTC from exchanges to store on-chain after purchasing. But why does my gut feeling suggest that more people are waiting for lower prices? However, data doesn’t lie. When there’s a discrepancy between emotional perception and data performance, I choose to trust the latter.